HomeMy WebLinkAboutResolution 3976-03-2011A Resolution
NO. 3976 -03 -2011
SUPPORTING A LOW INCOME HOUSING TAX CREDIT APPLICATION AND
ALLOWING THE CONSTRUCTION OF LAKESIDE VILLAGE HOMES
WHEREAS, the City of Fort Worth's 2011 Comprehensive Plan is supportive of the
preservation, improvement, and development of quality affordable accessible rental and
ownership housing;
WHEREAS, the City of Fort Worth's 2010 -2013 Consolidated Plan makes the development of
quality affordable accessible rental housing units for low income residents of the City of Fort Worth
( "City ") a high priority;
WHEREAS, Lakeside Village, Ltd. has proposed a development for affordable rental housing
consisting of single family houses to be built on thirty -six scattered sites bordered by W. Vickery
Boulevard, W. Rosedale Street, Bryant Irvin Road, Camp Bowie West Boulevard and Hulen Street in
the Como Neighborhood in Fort Worth to be called Lakeside Village Homes;
WHEREAS, Lakeside Village, Ltd. Is a Texas limited partnership, consisting of an affiliate of the
Fort Worth Housing Finance Corporation as general partner and ad affiliate of NRP Holdings, LLC as
limited partner, among others; and,
WHEREAS, Lakeside Village, Ltd. intends to submit an application to the Texas
Department of Housing and Community Affairs ( "TDHCA ") for 2011 Low Income Housing Tax Credits
( "LIHTC ") for Lakeside Village Homes (the "Development ") proposing New Construction;
WHEREAS, pursuant to Section 49.8(2)(8) of the Texas Administrative Code, the City Council
acknowledges that the proposed New Construction Development is located one linear mile or less from
an older development that serves the same type of household as the new Development and that older
development has received an allocation of LIHTC for New Construction since December 2007;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,
TEXAS THAT:
1. The City of Fort Worth supports the proposed Lakeside Village Homes (the Development "),
and the City Council has voted specifically to approve the construction of the Development and to
authorize an allocation of Low Income Housing Tax Credits for the Development.
2. Further, the City Council of the City of Fort Worth, Texas believes there is a need for
additional affordable housing units in the City.
Adopted this 22nd day of March 2011.
ATTEST:
By:
Marty Hendri , City Secretary
ORT WO TRT
'T
APPROVED
CITY COUNCIL
MAR 2 2 2011
City Secretary of the
City of Fort Worth, Texas
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION; Approved on 3122/2011 - Res. No. 3976 -03 -2011
y
DATE: Tuesday, March 22, 2011 REFERENCE NO.: * *C -24785
LOG NAME: 17LAKESIDEVILLAGERESOLUTION
SUBJECT:
Adopt Resolution Supporting the 2011 Low Income Housing Tax Credit Application for Lakeside Village
Homes in the Como Neighborhood and Waiving the One Mile, Three Year Rule (COUNCIL DISTRICT 7)
RECOMMENDATION:
It is recommended that the City Council adopt the attached Resolution supporting the 2011 Low Income
Housing Tax Credit application for Lakeside Village Homes in the Como Neighborhood and waiving the
One Mile, Three Year Rule.
DISCUSSION:
On January 25, 2011, City Council approved the award of $315,056.00 of HOME funds to Lakeside
Village, Ltd. for the development of Lakeside Village Homes (M &C C- 24711). Lakeside Village Ltd., a
Texas limited partnership, will develop, own and manage the project. The Fort Worth Housing Finance
Corporation has agreed to join the limited partnership and has formed Lakeside Village GP, LLC to act as
General Partner. NRP Holdings, LLC will also participate as a limited partner. The development will
consist of the construction of 36 single family rental houses in the Como Neighborhood. The houses will
remain rental units for 15 years for households earning at or below 60 percent of area median
income. After that period, the resident has the option to purchase the house for the outstanding debt
against it. If the resident does not purchase the house, the partnership will continue to own and manage
it.
Lakeside Village, Ltd. is submitting an application for 2011 Low Income Housing Tax Credits ( LIHTC) to
the Texas Department of Housing and Community Affairs for Lakeside Village Homes. In order for the
LIHTC application to be competitive, the City Council must approve a resolution supporting the
development and waiving the One Mile, Three Year Rule. The State of Texas Qualified Action Plan states
that proposed LIHTC projects cannot be located within one linear mile of an existing LIHTC project if the
older project received tax credits within three years of date of the current Application Round. This rule can
be waived by vote of the local jurisdiction specifically allowing the construction of the new
development. Lincoln Terrace Apartments located at 4714 Horne Street is the LIHTC project located
within one linear mile of the proposed development that received tax credits within the last three years.
Staff recommends that Council approve the attached resolution supporting the application for tax credits
for Lakeside Village Homes and specifically allowing the construction of this development within one linear
mile of another development that received tax credits within the last three years.
This project is located in COUNCIL DISTRICT 7.
FISCAL INFORMATION / CERTIFICATION:
The Financial Management Services Director certifies that this action will have no material effect on City
Logname: 17LAKESIDEVILLAGERESOLUTION Page 1 of 2
funds.
FUND CENTERS:
TO Fund /Account/Centers
CERTIFICATIONS:
Submitted for City Manager's Office by-
Originating Department Head:
Additional Information Contact:
FROM Fund /Account/Centers
Susan Alanis (8180)
Jay Chapa (5804)
Cynthia Garcia (8187)
Fabiola Suarez (6811)
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